Purity Soft Drinks Limited
Annual Report and Financial Statements
For the 26 week period ended 26 March 2021
Company Registration No. 00358349 (England and Wales)
Purity Soft Drinks Limited
Company Information
Directors
S J Baldwin
M Caroe
(Appointed 24 December 2021)
Company number
00358349
Registered office
Mounts Road
Wednesbury
West Midlands
United Kingdom
WS10 0BU
Auditor
Moore Kingston Smith LLP
Devonshire House
60 Goswell Road
London
EC1M 7AD
Purity Soft Drinks Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 27
Purity Soft Drinks Limited
Strategic Report
For the 26 week period ended 26 March 2021
Page 1
The directors present the strategic report for the 26 week period ended 26 March 2021.
Fair review of the business
The period under review is the 26 weeks ending 26
th
March 2021. The previous period represented 78 weeks to 25
th
September 2020 which was extended by the Board due to the Covid-19 pandemic.
The 26 weeks to March 2021 continued to be significantly impacted by the Covid-19 pandemic with the second national lockdown and tiered restrictions occurring in the period. Although 37% lower than the same period in the previous (pre-pandemic) year, turnover did grow 11% on the previous 6 months trading.
Revenue from the Foodservice channel started to recover (up 6% vs the 26 weeks to September 2020) but remained behind the same period last year as large portions of the sector remained closed for parts of the 26 week period. Retail was 2% ahead of the previous 26 weeks and 12% lower than the same period last year with our Retail customers less effected by the pandemic.
With turnover depressed in the period the Company continued to manage its discretionary costs carefully, including utilising the government furlough scheme, and was able to maintain a good level of liquidity.
In the 26 weeks post the period of the review, and with UK restrictions largely lifted, the Company turnover has recovered strongly. Against the 26 weeks ending 26
th
March 2021 our Food service sector is up 107% and our Retail sector is up 103%. Against the pre-pandemic period, being the 26 weeks to March 2020, turnover is up 28% driven by increased brand awareness as well as commercial gains in major customers.
The group continues to be cash generative and cash is available to fund all day-to-day activities.
Principal risks and uncertainties
Loss of any large customer or downward trend in a particular product range is a risk to business performance. The group continued to increase its customer base during the period and reduce its customer concentration levels, which coupled with strong account management mitigates customer risk.
Commodities such as juices and plastics represent a large proportion of the group's input costs, movement in cost of these raw materials represents a risk to the group's trading performance. The group contracts ahead on its key commodities to reduce its exposure.
Financial risk management objectives and policies
There is some direct foreign currency risk within the group, with approximately 25% of raw materials purchased using foreign currencies. Currency contracts representing approximately 60% of requirements are in place on a rolling 6 month basis.
The Company has credit risk in the form of its trade debtors. Along with strong credit management the Company mitigates any loss from customers defaulting with credit insurance.
Other risks are monitored through regular review of key performance metrics such as customer service and customer complaint levels, food safety and quality measures, plant efficiency, staff engagement and staff turnover.
Future developments
On 22
nd
October 2021 Verdane completed the purchase of Purity Soft Drinks Limited by its acquisition of 100% of the share capital in JB Drinks Holdings Limited from Langholm Capital 2008 LLP. Verdane, a specialist growth equity investor, will continue to support the Company’s growth utilising their two decades of experience investing and building consumer companies.
Purity Soft Drinks Limited
Strategic Report (Continued)
For the 26 week period ended 26 March 2021
Page 2
S J Baldwin
Director
21 February 2022
Purity Soft Drinks Limited
Directors' Report
For the 26 week period ended 26 March 2021
Page 3
The directors present their annual report and financial statements for the 26 week period ended 26 March 2021.
Principal activities
The principal activity of the Company is the manufacture and sale of branded soft drinks for the Retail, Foodservice and Export sectors.
Results and dividends
The results for the 26 week period are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the 26 week period and up to the date of signature of the financial statements were as follows:
S J Baldwin
A Wiegman
(Appointed 17 March 2021 and resigned 22 October 2021)
J Pitchford
(Resigned 24 February 2021)
M Caroe
(Appointed 24 December 2021)
Auditor
Moore Kingston Smith LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s
auditor
is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s
auditor
is aware of that information.
On behalf of the board
S J Baldwin
Director
21 February 2022
Purity Soft Drinks Limited
Directors' Responsibilities Statement
For the 26 week period ended 26 March 2021
Page 4
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Purity Soft Drinks Limited
Independent Auditor's Report
To the Members of Purity Soft Drinks Limited
Page 5
Opinion
We have audited the financial statements of Purity Soft Drinks Limited (the 'company') for the 26 week period ended 26 March 2021 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 26 March 2021 and of its loss for the 26 week period then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Purity Soft Drinks Limited
Independent Auditor's Report (Continued)
To the Members of Purity Soft Drinks Limited
Page 6
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the Strategic Report and the Directors'
R
eport for the financial 26 week period for which the financial statements are prepared is consistent with the financial statements
; and
-
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the Strategic Report and the Directors'
R
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors'
R
esponsibilities
S
tatement, the directors are
are
responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine
determine
is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error.
In preparing the
financial statements
, the
directors are
are
responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the
directors
either
intend
to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Purity Soft Drinks Limited
Independent Auditor's Report (Continued)
To the Members of Purity Soft Drinks Limited
Page 7
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance
,
but is not a guarantee that an audit conducted in accordance with
ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
-
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
-
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.
-
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
-
Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
-
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Purity Soft Drinks Limited
Independent Auditor's Report (Continued)
To the Members of Purity Soft Drinks Limited
Page 8
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
-
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.
-
We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.
-
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
-
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
-
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Jamie Sherman (Senior Statutory Auditor)
for and on behalf of Moore Kingston Smith LLP
23 February 2022
Chartered Accountants
Statutory Auditor
Devonshire House
60 Goswell Road
London
EC1M 7AD
Purity Soft Drinks Limited
Statement of Comprehensive Income
For the 26 week period ended 26 March 2021
Page 9
Period
Period
ended
ended
26 March
25 September
2021
2020
Notes
£
£
Turnover
3
4,731,708
19,608,920
Cost of sales
(3,412,194)
(13,006,539)
Gross profit
1,319,514
6,602,381
Distribution costs
(328,424)
(1,136,786)
Administrative expenses
(1,868,908)
(5,561,925)
Other operating income
117,214
217,362
Exceptional items
4
(49,494)
(383,180)
Operating loss
5
(810,098)
(262,148)
Interest receivable and similar income
8
53,758
123,350
Interest payable and similar expenses
9
(5,431)
(4,246)
Loss before taxation
(761,771)
(143,044)
Taxation
10
217,352
(94,100)
Loss for the financial period
(544,419)
(237,144)
The Profit and Loss Account has been prepared on the basis that all operations are continuing operations.
Purity Soft Drinks Limited
Balance Sheet
As at 26 March 2021
Page 10
2021
2020
Notes
£
£
£
£
Fixed assets
Goodwill
12
208,348
237,419
Other intangible assets
12
442,753
542,002
Total intangible assets
651,101
779,421
Tangible assets
13
2,348,149
2,597,939
2,999,250
3,377,360
Current assets
Stock
14
1,095,913
1,152,557
Debtors
15
6,477,377
6,929,218
Cash at bank and in hand
2,504,170
2,366,384
10,077,460
10,448,159
Creditors: amounts falling due within one year
16
(8,174,069)
(8,378,459)
Net current assets
1,903,391
2,069,700
Total assets less current liabilities
4,902,641
5,447,060
Provisions for liabilities
Provisions
17
(140,000)
(140,000)
(140,000)
(140,000)
Net assets
4,762,641
5,307,060
Capital and reserves
Called up share capital
20
1,000
1,000
Capital redemption reserve
500
500
Profit and loss reserves
4,761,141
5,305,560
Total equity
4,762,641
5,307,060
The financial statements were approved by the board of directors and authorised for issue on 21 February 2022 and are signed on its behalf by:
S J Baldwin
Director
Company Registration No. 00358349
Purity Soft Drinks Limited
Statement of Changes in Equity
For the 26 week period ended 26 March 2021
Page 11
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 30 March 2019
1,000
500
5,252,713
5,254,213
Period ended 25 September 2020:
Loss and total comprehensive income for the period
-
-
(237,144)
(237,144)
Capital contribution (note 15)
20
-
289,991
289,991
Balance at 25 September 2020
1,000
500
5,305,560
5,307,060
Period ended 26 March 2021:
Loss and total comprehensive income for the period
-
-
(544,419)
(544,419)
Balance at 26 March 2021
1,000
500
4,761,141
4,762,641
Purity Soft Drinks Limited
Notes to the Financial Statements
For the 26 week period ended 26 March 2021
Page 12
1
Accounting policies
Company information
Purity Soft Drinks Limited is a
private
company
limited by shares
incorporated
and domiciled
in
England and Wales
.
The registered office is
Mounts Road, Wednesbury, West Midlands, United Kingdom, WS10 0BU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares
;
-
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash
f
low and related notes and disclosures
;
-
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income
;
-
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of
the ultimate parent undertaking, JB Drinks Holdings Limited
. These consolidated financial statements are available
to the public from Companies House, Crown Way, Cardiff, CF14 3UZ.
1.2
Going concern
Notwithstanding a loss of £544,419 in the 26 week period ended 26 March 2021 (78 week period ended 25 September 2020: £237,144) the financial statements have been prepared on a going concern basis. The directors have prepared cash flow forecasts which indicate that the company will have sufficient funds through working capital management to meet its liabilities as they fall due for a period of at least twelve months.
true
At the balance sheet date £4,501,202 (25 September 2020: £3,785,789) is due to group companies and these companies have confirmed that they do not intend to seek repayment of these amounts within the next twelve months from date of approval of these financial statements. Therefore the directors consider it appropriate to prepare them on a going concern basis.
Purity Soft Drinks Limited
Notes to the Financial Statements (Continued)
For the 26 week period ended 26 March 2021
1
Accounting policies
(Continued)
Page 13
1.3
Reporting period
The financial statements presented here cover a period of six months. The previous reported financial statements for this entity covered a period of eighteen months. The company elected to extend the previous period as a result of the COVID-19 pandemic and has chosen to shorten the current period in order to return to its previous financial year end. It should therefore be noted that the comparative amounts presented in the financial statements and their related notes are not entirely comparable.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.6
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
5 years
Development costs
3 years
Brand
10 years
Customer relationships
5 years
Purity Soft Drinks Limited
Notes to the Financial Statements (Continued)
For the 26 week period ended 26 March 2021
1
Accounting policies
(Continued)
Page 14
1.7
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
10 years
Fixtures and fittings
5 years
Motor vehicles
4 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.8
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
profit
or
loss
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.9
Stock
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the first in first out principle and includes expenditure incurred in acquiring the stocks, production or conversion costs and other costs in bringing them to their existing location and condition. In the case of manufactured stocks and work in progress, cost includes an appropriate share of overheads based on normal operating capacity.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Purity Soft Drinks Limited
Notes to the Financial Statements (Continued)
For the 26 week period ended 26 March 2021
1
Accounting policies
(Continued)
Page 15
1.10
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in
profit
or
loss
, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Purity Soft Drinks Limited
Notes to the Financial Statements (Continued)
For the 26 week period ended 26 March 2021
1
Accounting policies
(Continued)
Page 16
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.12
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Purity Soft Drinks Limited
Notes to the Financial Statements (Continued)
For the 26 week period ended 26 March 2021
1
Accounting policies
(Continued)
Page 17
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in
profit
or
loss
in the period
in which
it arises.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
Purity Soft Drinks Limited
Notes to the Financial Statements (Continued)
For the 26 week period ended 26 March 2021
1
Accounting policies
(Continued)
Page 18
1.18
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Carrying value of goodwill and other intangible assets
The key judgments involved in assessing the carrying value of goodwill and intangible assets include estimation of future cash flows and profitability of the business and the selection of a suitable discount rate.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are
as follows.
The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note XX for the carrying amount of the property, plant and equipment and note XX for the useful economic lives for each class of asset.
3
Turnover and other revenue
2021
2020
£
£
Turnover analysed by geographical market
United Kingdom
4,649,602
19,263,831
Rest of Europe
74,713
328,897
Rest of World
7,393
16,192
4,731,708
19,608,920
Purity Soft Drinks Limited
Notes to the Financial Statements (Continued)
For the 26 week period ended 26 March 2021
3
Turnover and other revenue
(Continued)
Page 19
2021
2020
£
£
Other significant revenue
Interest income
53,758
123,350
There is only one class of business being the manufacture and sale of soft drinks.
4
Exceptional items
2021
2020
£
£
Expenditure
Cost of staff termination and recruitment of senior management
34,892
62,346
Cost of professional services in relation to the ongoing restructure of the group
-
151,162
Cost relating to legal matters
14,602
169,672
49,494
383,180
5
Operating loss
2021
2020
Operating loss for the period is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(79,376)
107,758
Government grants
(117,214)
(217,362)
Fees payable to the company's auditor for the audit of the company's financial statements
41,846
55,000
Depreciation of owned tangible fixed assets
327,399
1,020,337
(Profit)/loss on disposal of tangible fixed assets
(16,416)
1,500
Amortisation of intangible assets
128,320
452,257
Cost of stock recognised as an expense
2,548,018
11,846,000
Impairment of stock recognised or reversed
35,840
285,200
Exchange differences recognised in profit or loss during the 26 week period, except for those arising on financial instruments measured at fair value through profit or loss, amounted to £79,376 (2020 - £107,758).
Purity Soft Drinks Limited
Notes to the Financial Statements (Continued)
For the 26 week period ended 26 March 2021
Page 20
6
Employees
The average monthly number of persons (including directors) employed by the company during the 26 week period was:
2021
2020
Number
Number
Production and Distribution
24
26
Sales
11
11
Administration
12
13
Total
47
50
Their aggregate remuneration comprised:
2021
2020
£
£
Wages and salaries
876,756
2,730,586
Social security costs
96,878
306,354
Pension costs
22,702
73,567
996,336
3,110,507
7
Directors' remuneration
2021
2020
£
£
Remuneration for qualifying services
102,069
287,724
Company pension contributions to defined contribution schemes
656
1,974
102,725
289,698
The number of directors for whom retirement benefits are accruing under money purchase schemes amounted to 1 (2020: 1).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2021
2020
£
£
Remuneration for qualifying services
102,069
285,750
Company pension contributions to money purchase pension plans
656
1,974
Purity Soft Drinks Limited
Notes to the Financial Statements (Continued)
For the 26 week period ended 26 March 2021
Page 21
8
Interest receivable and similar income
2021
2020
£
£
Interest income
Interest receivable from group companies
53,758
123,350
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
53,758
123,350
9
Interest payable and similar expenses
2021
2020
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
5,431
4,246
10
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
149,845
Deferred tax
Origination and reversal of timing differences
(217,352)
(55,745)
Total tax (credit)/charge
(217,352)
94,100
Purity Soft Drinks Limited
Notes to the Financial Statements (Continued)
For the 26 week period ended 26 March 2021
10
Taxation
(Continued)
Page 22
The actual (credit)/charge for the 26 week period can be reconciled to the expected credit for the 26 week period based on the profit or loss and the standard rate of tax as follows:
2021
2020
£
£
Loss before taxation
(761,771)
(143,044)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2020: 19.00%)
(144,736)
(27,178)
Tax effect of expenses that are not deductible in determining taxable profit
618
94,691
Adjustments in respect of prior years
(3)
Effect of change in corporation tax rate
6,349
Depreciation on assets not qualifying for tax allowances
13,875
48,865
Fixed asset timing differences
(87,109)
(28,624)
Taxation (credit)/charge for the period
(217,352)
94,100
11
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2021
2020
Notes
£
£
In respect of:
Stock
14
35,840
101,217
Recognised in:
Cost of sales
35,840
101,217
Purity Soft Drinks Limited
Notes to the Financial Statements (Continued)
For the 26 week period ended 26 March 2021
Page 23
12
Intangible fixed assets
Goodwill
Software
Development costs
Brand
Customer relationships
Total
£
£
£
£
£
£
Cost
At 26 September 2020 and 26 March 2021
581,434
555,704
121,018
879,046
313,736
2,450,938
Amortisation and impairment
At 26 September 2020
344,015
372,645
121,017
520,104
313,736
1,671,517
Amortisation charged for the 26 week period
29,071
55,296
1
43,952
128,320
At 26 March 2021
373,086
427,941
121,018
564,056
313,736
1,799,837
Carrying amount
At 26 March 2021
208,348
127,763
314,990
651,101
At 25 September 2020
237,419
183,059
1
358,942
779,421
13
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 26 September 2020
8,052,570
1,009,432
66,981
9,128,983
Additions
75,656
3,537
79,193
Disposals
(44,014)
(44,014)
At 26 March 2021
8,128,226
1,012,969
22,967
9,164,162
Depreciation and impairment
At 26 September 2020
5,609,024
865,846
56,174
6,531,044
Depreciation charged in the 26 week period
291,590
30,540
5,269
327,399
Eliminated in respect of disposals
(42,430)
(42,430)
At 26 March 2021
5,900,614
896,386
19,013
6,816,013
Carrying amount
At 26 March 2021
2,227,612
116,583
3,954
2,348,149
At 25 September 2020
2,443,546
143,586
10,807
2,597,939
Purity Soft Drinks Limited
Notes to the Financial Statements (Continued)
For the 26 week period ended 26 March 2021
Page 24
14
Stock
2021
2020
£
£
Raw materials and consumables
560,671
547,558
Finished goods and goods for resale
535,242
604,999
1,095,913
1,152,557
15
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,228,653
2,434,591
Amounts due from group undertakings
3,798,458
3,115,367
Other debtors
9,290
34,045
Prepayments and accrued income
54,718
230,067
5,091,119
5,814,070
2021
2020
Amounts falling due after more than one year:
£
£
Amounts due from group undertakings
1,167,099
1,113,341
Deferred tax asset (note 18)
219,159
1,807
1,386,258
1,115,148
Total debtors
6,477,377
6,929,218
During the
prior period
the company acquired a distressed loan receivable due after more than one year from a parent
company, JB Drinks Limited. This is due to be received in April 2022 and has an effective interest rate of 10.16%.
Subsequently, the ultimate parent company of the group
restructured a loan due from JB Drinks Limited, waving a
significant amount of the loan due. As a result of this restructure, the expected cash flows receivable under the loan
from JB Drinks
Limited increased. The increase was recognised as a capital contribution of £289,991
in the prior period
.
Purity Soft Drinks Limited
Notes to the Financial Statements (Continued)
For the 26 week period ended 26 March 2021
Page 25
16
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
1,598,950
2,137,500
Amounts due to group undertakings
4,501,202
3,785,749
Corporation tax
454,419
454,843
Other taxation and social security
538,994
802,449
Other creditors
13,751
19,786
Accruals and deferred income
1,066,753
1,178,132
8,174,069
8,378,459
17
Provisions for liabilities
2021
2020
£
£
Other provision
140,000
140,000
The provision relates to ongoing legal matters. Further disclosure has not been provided as the directors consider this to be prejudicial to the legal matters.
Movements on provisions:
Other provision
£
Additional provisions in the year
140,000
18
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
2021
2020
Balances:
£
£
Accelerated capital allowances
174,452
204,507
Tax losses
(393,611)
(206,314)
(219,159)
(1,807)
Purity Soft Drinks Limited
Notes to the Financial Statements (Continued)
For the 26 week period ended 26 March 2021
18
Deferred taxation
(Continued)
Page 26
2021
Movements in the 26 week period:
£
Liability/(Asset) at 26 September 2020
(1,807)
Credit to profit or loss
(217,352)
Liability/(Asset) at 26 March 2021
(219,159)
19
Retirement benefit schemes
2021
2020
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
22,702
73,567
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
20
Share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary 'A' shares of 25p each
4,000
4,000
1,000
1,000
of 0p each
-
500
-
-
21
Financial commitments, guarantees and contingent liabilities
All companies within the group, namely JB Drinks Holdings Limited, JB Drinks Limited, JB Drinks Propco Limited, Juiceburst Limited and Purity Soft Drinks Limited are party to cross guarantees given for bank loans and overdrafts amounting to £Nil (2020: £Nil). The contingent liability of this company as of 26 March 2021 is £Nil (2020: £Nil).
22
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2021
2020
£
£
Within one year
6,675
11,107
Between two and five years
1,023
2,705
7,698
13,812
Purity Soft Drinks Limited
Notes to the Financial Statements (Continued)
For the 26 week period ended 26 March 2021
Page 27
23
Events after the reporting date
On 22 October 2021 the ultimate parent company JB Drinks Holdings Limited was acquired by Verdane Capital Advisors AS (Aurora Holdco AB being the new ultimate parent to JB Drinks Holdings Limited).
24
Related party transactions
Rooney Anand is a director of JB Drinks Holdings Limited and WM Morrison Supermarket PLC, a company registered in England. During the period, the company made sales of £184,512 (2020: £240,868) to WM Morrison Supermarket PLC. At 26 March 2021, £12,165 (2020: £19,693) was owed by WM Morrison Supermarket PLC.
Sarah Baldwin is a director of The British Soft Drinks Association Limited, both companies are registered in England. During the period, the company made purchases of 2,993 (2020: £8,997) The British Soft Drinks Association Limited. At 26 March 2021, £Nil (2020: £Nil) was owed to The British Soft Drinks Association Limited.
Langholm Capital 2008 LLP
was
the majority shareholder of the company
during the period
. During the period, the group paid Langholm Capital 2008 LLP for consultancy services and to reimburse certain expenses amounting to £17,978 (2020: £22,877). At 26 March 2021, £nil was outstanding (2020: £nil) to Langholm Capital 2008 LLP.
25
Ultimate controlling party
The company's immediate parent company is Juiceburst Limited and ultimate parent undertaking is JB Drinks Holdings Limited. Both companies are registered in England and Wales.
The directors consider the ultimate controlling party to be Aurora Holdco AB, by virtue of their majority shareholding in JB Drinks Holding Limited.
26
Analysis of changes in net funds
26 September 2020
Cash flows
26 March 2021
£
£
£
Cash at bank and in hand
2,366,384
137,786
2,504,170
2021-03-26
2020-09-26
false
CCH Software
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